Are you having trouble figuring out your health insurance premiums? You are not alone!
There are two worksheets that make it easier to figure out your costs. The first one for 10-month employees and the second for 12-month employees. Appended to those worksheets are the documents that will provide the information needed to calculate your premium payments. Other documents that may be helpful to you are:
Employees hired before June 28, 2011 will have the new insurance rates phased in over a four-year period. During this time, employees will pay the percentage of their premium or 1.5% of their base salary, whichever is greater.
Employees with a hire date on or after June 28, 2011 will contribute the Year 4 percentage rate as of the paycheck issued October 14, 2011.
Why is it important to keep track of this information? For several years prior to 2011 employees had been paying 1.5% of their base salaries for their health insurance. The new law has changed this so that now the payment is a percentage of the insurance premium and this has the chance of increasing faster than one's salary. The calculations for this are complicated and you should check to be sure that payroll is making your deductions correctly. If you have any questions about your deductions, please call HR at 973-655-7141.